Three issues to consider:
This is how you determine how much power you need to provision to your workshop. But in addition, it also tells you how much of your existing service is available to send to the workshop. You really need to have multiple load calculations:
- Entire service (except the new workshop). Subtract from your 400A feed to figure out how much is available.
- Each existing panel (main panel or subpanel) to determine whether that panel is provisioned properly and whether there is any excess available.
In this specific situation, you have 400A total. If you are only actually using 250A (or less) then you are fine at that level. However, you are feeding (as is typical) this 150A workshop subpanel off of an existing 200A panel. If that 200A panel is already serving 50A or more of loads (again, based on a load calculation, not based on "add up breaker handles" (which would be too high) and not based on "hunches" (which would likely be too low), then you can't provision 150A to feed a subpanel from there. If it is using, for example, 125A, then you could provision 75A.
This is actually quite straightforward. See this chart:
230 feet, 3/0 aluminum, 150A @ 240V = 3.89%. That is slightly higher than the typical "3% or less" but not by much, and at 120A (80%, which is all you should really be at most of the time) only 3.11%. Where the number gets high (6% or more!) is if a lot of the loads are 120V loads. I doubt that's the case here, but just something to keep in mind, particularly if someone says "over x feet, better upsize for voltage drop".